Is income protection worth it if you're the higher earner in your relationship

If you're the one bringing in the bigger salary, you've probably thought about what happens if you lose your job. Fewer people think about what happens if you simply can't work for a while – a bad diagnosis, a long recovery, an injury that keeps you off for months rather than weeks.

That gap matters more than most people realise, and it matters most for exactly the households where the higher earner happens to be a woman. Here's what actually covers you if that happens, what doesn't, and why it costs a lot less than you'd expect to close the gap.

What income protection actually covers, and what it doesn't

Income protection pays a regular, tax-free income if you can't work because of illness or injury, usually 50 to 70% of your normal earnings, for as long as you're unable to work or until an agreed end date. It isn't life insurance, which only pays out if you die, and it isn't critical illness cover, which pays a single lump sum for a specific list of serious diagnoses. It's built for the far more common scenario: you're alive, you're unwell or injured, and your income has stopped.

Why being the higher earner changes the calculation

If you earn the most in your household, losing your income for months rather than weeks would do more damage to your finances than almost any other risk you're insured against. This is where the data gets uncomfortable. A 2024 survey by Shepherds Friendly found only 11% of women hold income protection, against 17% of men, and suggested one reason is that households often insure whoever earns more, which is still usually the man (Shepherds Friendly, 2024). The Exeter found a similar pattern in 2023: 11% of women held or were applying for a policy, against 16% of men (The Exeter, via Cover Magazine, 2023). If you're the higher-earning woman, you're statistically more likely than your partner to be going without cover, despite having the most to lose.

What you would actually be left with if you couldn't work

Most higher earners assume sick pay or savings will see them through. From 6 April 2026, statutory sick pay reforms mean it's paid from the first day of sickness rather than after three waiting days, and the earnings limit that used to exclude some workers has been removed (Acas, 2026). But the rate itself is still just £123.25 a week, for a maximum of 28 weeks and taxed like any other earnings (UK Tax Tools, 2026), which for a typical professional salary is a fraction of what actually lands each month. Savings can bridge a short gap, but they were never designed to replace a salary for six months or a year, and most higher earners have theirs tied up in a mortgage deposit or a pension rather than sitting in an accessible account.

What income protection costs, and why the answer surprises people

Income protection is generally far cheaper than people expect, with basic cover starting from around £5 a month and typical policies for a working adult in their thirties or forties falling between £20 and £50 a month, depending on age, health, occupation and how much cover you choose (Shepherds Friendly, 2024). That is often less than a streaming subscription, to insure an asset, your ability to earn, that's usually worth more over a lifetime than a house. By comparison, 37% of British adults have life insurance but only 14% have income protection, despite becoming too ill or injured to work for a period being statistically far more likely than dying during your working life (Shepherds Friendly, 2024).

From Lucy, co-founder of Welleness

When my co-founder and I started Welleness, one of the things that struck us most was how many women earning good money had never worked out what would happen if they couldn't earn it for a while. Not because they hadn't thought about money, but because nobody had put the question to them directly, in a way that felt relevant to their life.

I have been the higher earner in my own relationship at different points, and it changes how you think about risk. It isn't just your own comfort on the line, it's the mortgage, the childcare, the plans you've made together. That responsibility can feel heavy, but it doesn't have to be frightening once you look at the numbers rather than avoiding them. If this post has made you wonder whether you're the exposed one, that feeling is common, and it usually only takes one proper conversation to turn it into a plan.

What you can do now

Ask your HR team exactly how many weeks of full pay and half pay you're entitled to if off sick long term, and what happens once that runs out.

Get an actual quote for income protection rather than guessing at the cost, since real premiums are often lower than people assume.

If you're self-employed, check what statutory sick pay you'd actually be entitled to and treat that gap as the amount you need to insure.

Frequently asked questions

Is income protection worth it if my employer already offers sick pay?
It depends how generous and how long that cover lasts. Many schemes drop to statutory sick pay or nothing after a few months, so income protection often covers the period afterwards.

What's the difference between income protection and critical illness cover?
Income protection pays an ongoing income while you can't work due to illness or injury. Critical illness cover pays a one off lump sum, but only for a specific, defined list of serious diagnoses.

How much of my income can I actually insure?
Most insurers let you cover between 50% and 70% of your gross income, though the maximum depends on the provider and your occupation.

Here is what one Welleness member said after completing her financial health check.

"WOW! I am blown away and actually really grateful. This landed at just the right time for me. I'm at an odd point, financially, definitely want to take more control, shitting myself about having taken a number of years out of investing in my pension and taking a hit to my income. So I'm really grateful to you for developing this because I think it is SO needed." Jude, Welleness user

If reading this has made you wonder where you actually stand, our free financial health check takes less than five minutes and gives you a clear picture across six areas of your financial life. No judgement, no jargon, just clarity. Take it at insights.welleness.ai, or book a Welleness discovery call if you'd rather talk it through with a person first.

This post is for informational purposes only and does not constitute financial advice. For guidance specific to your situation, speak to a regulated financial adviser.